Bitcoin, the world’s leading cryptocurrency, has set a new all-time high, reaching $94,000 yesterday evening. This marks a significant milestone in the ongoing bull run sweeping the cryptocurrency market. The surge in Bitcoin’s price brings it just $6,000 shy of the $100,000 mark, a target analysts predict could be achieved by the end of the year.
Currently trading at $93,319, Bitcoin has seen a 1.7% increase in the last 24 hours, hovering just below its new peak. The record-breaking rise has stirred excitement within the global crypto community, with notable industry figures reacting positively.
Michael Arrington, founder of TechCrunch, shared his excitement on social media, while crypto trader Aaron Dishner offered a technical analysis of the asset’s performance. Dishner highlighted that Bitcoin is testing resistance at the 1.618 Fibonacci level, noting that while the market shows bullish strength, caution is warranted due to oversold conditions on the RSI.
The surge in Bitcoin’s price is attributed in part to Blackrock’s listing of its spot Bitcoin ETF (IBIT) on the Nasdaq, which has played a pivotal role in increasing trading volume and market interest. Following the launch, Bitcoin’s market cap surged to $1.8 trillion, and trading volume hit $85 billion. Bloomberg ETF analyst James Seyffart pointed out the high interest in Bitcoin, as evidenced by the volume of call options in the market.
Other cryptocurrencies, such as Ethereum and Solana, are also experiencing significant gains as part of the broader market rally, with Ethereum predicted to reach $4,000 before the year’s end. Solana has seen a 15.3% rise in the past week, currently trading at $237.46.
